Study On The Relationship Between Working Capital Management And The Value Of Chinese Listed Companies

Working capital management is to realize the enterprise financial goals, theway of profit maximization. Good working capital management mechanism toenterprise’s profit ability, risk management and the value of the company have asignificant impact, is helpful to realize the maximization of enterprise value, topromote the success of the enterprise business.Compared with developed countries listed companies, in terms of workingcapital management level and methods, the listed company of our country isrelatively backward, and there are many place need to be improved and optimized.So based on the data of a-share stocks in our stock market as the foundation, to ourcountry’s listed companies working capital management to study the influencemechanism of enterprise value for the future development of listed companies,enterprise internal structure and working capital policy management, has A certaintheoretical and practical significance.After carefully reading and studying the related literature,this paper expoundsthe working capital management theory and enterprise value evaluation method, theselection of Shanghai a-share stock data, deep two city as the research sample, withregression analysis as research methods, research the efficiency of working capitalmanagement and working capital management policy impact on the enterprise value.Through the empirical analysis results concluded that represents the efficiencyof working capital management policies of the indicators, accounts receivable,accounts payable turnover, inventory turnover period cycle and cash cycle respectively related to the enterprise value; On behalf of the management of workingcapital policy indicators, working capital investment and financing policy howradically affect enterprise value respectively. Finally, combined with empirical studyconclusion, this article put forward to improve working capital management of listedcompanies in our country, thus makes some suggestions on the enterprise valuemaximization.